Nå kan vi slippe emisjonsspøkelset, neste positive melding blir morsom å være med på!
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Blir ikke helt klok av det de skriver i meldingen, trial(s) og at de har penger til Q1 2022. Er det da ink meso studiet med Merck?
Med mindre enn 70mnok på bok syntes jeg det er riktig å kjøre en “mini” emi. (Også mtp covid del2). Hvem vet, kanskje de ønsker en sikrere utsikt ved forhandlinger for noe mer må til for å både kjøre melanoma og meso studier.
Noen som kan kopiere inn meldingen? Finner det ikke noe sted hos meg.
Studien med Merck kjører først i gang en “safety-lead in” før de bestemmer om de skal gå videre eller ei. Så mulig de ikke trenger å vært fullt ut dekket før dette? Bare spekulasjon selvsagt.
Edit.
Ellers er jeg enig med flere. Det blir godt med noen viktige dataavlesninger nå uten at emisjonsspøkelset henger over oss som det ville gjort mot slutten av året/starten av neste år.
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Nja… juni i år skrev de:
The aim is to start enrolling patients into the trial within twelve months.
Oslo, 14 October 2020: Targovax ASA (“Targovax” or the “Company”), a clinical stage biotechnology company developing oncolytic viruses to target hard-to-treat solid tumors, contemplates a private placement of up to NOK 75 million by issuing up to 10,344,828 new shares in the Company (the “Offer Shares”), representing approximately 13.6% of the issued and outstanding share capital of the Company (the “Private Placement”).
The Company has retained Carnegie AS, DNB Markets, a part of DNB Bank ASA, and Bryan, Garnier & Co Ltd. (the “Joint Bookrunners”) to advise on and effect the Private Placement today after the close of the Oslo Stock Exchange.
The net proceeds from the Private Placement and existing cash is expected to provide runway into Q1 2022 and finance the following activities: further development of the ONCOS platform (Melanoma: Part 2 clinical and immune data on all 12 patients; Colorectal: Part 1 data 13 patients (subject to sponsor timelines); Mesothelioma: 18 and 24 months survival data and Preparations for future trial(s)), CMC activities (manufacturing of clinical material for trials during the period), pipeline extension (investments in new pipeline projects; exploring mutRAS projects; Scientific support to ONCOS-102 and maintaining and building the patent portfolio) and general corporate purposes.
The bookbuilding period for the Private Placement will commence today, on 14 October 2020, at 16:30 hours (CEST) and close on 15 October 2020 at 08:00 hours (CEST). The Company and the Joint Bookrunners may however at any time resolve to close or extend the bookbuilding period at their own discretion and for any reason. If the bookbuilding period is shortened or extended, any dates referred to herein may be amended accordingly.
The Private Placement will be directed towards Norwegian and international investors, in each case subject to and in compliance with applicable exemptions from relevant prospectus, filing or registration requirements.
The subscription price in the Private Placement is NOK 7.25, resulting in gross proceeds of approximately NOK 75 million, subject to all Offer Shares being issued. The minimum subscription and allocation amount in the Private Placement will be the NOK equivalent of EUR 100,000, provided that the Company may, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirements pursuant to applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.
Allocation of the Offer Shares will be determined after the end of the bookbuilding process, and the final allocation will be made by the Company’s board of directors at its sole discretion, following advice from the Joint Bookrunners. Notification of allocation is expected to be sent to the applicants by the Joint Bookrunners on or about 15 October 2020, subject to any shortenings or extensions of the bookbuilding period.
The Company will announce the result of the Private Placement and the number of Offer Shares allocated in a stock exchange announcement expected to be published before opening of trading on the Oslo Stock Exchange tomorrow, on 15 October 2020.
The Offer Shares will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to share lending agreements entered into by DNB Markets, on behalf of the Joint Bookrunners, the Company and each of HealthCap V L.P and OFCO Club V (the “Share Lending Agreements”), in order to facilitate delivery of listed shares to investors on a delivery versus payment basis. The Offer Shares delivered to the subscribers will thus be tradable from allocation. DNB Markets, on behalf of the Joint Bookrunners, will settle the share loans under the Share Lending Agreements with new shares in the Company to be issued by the board of directors pursuant to an authorization granted at the Company’s annual general meeting held on 29 April 2020.
The completion of the Private Placement by delivery of Offer Shares to the applicants allocated shares in the Private Placement is conditional upon the approval by the Company’s board of directors of the Private Placement, including their resolution to issue the Offer Shares.
The Company reserves the right to cancel, and/or modify the terms of, the Private Placement at any time and for any reason prior to delivery of the Offer Shares. Neither the Company nor the Joint Bookrunners will be liable for any losses incurred by applicants if the Private Placement is cancelled and/or modified, irrespective of the reason for such cancellation or modification.
In connection with the Private Placement, the Company, its largest shareholder HealthCap V L.P (together with OFCO Club V) and the members of the Company’s board of directors and executive management who are primary insiders have all agreed to enter into lock-up undertakings for a period of 90 days from the settlement date for the Offer Shares, subject to customary exceptions.
The board of directors has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs’ Circular no. 2/2014, and is of the opinion that the proposed Private Placement is in compliance with these requirements. The board of directors is of the view that it will be in the common interest of the Company and its shareholders to raise equity in order to develop the Company and that such equity is raised through a private placement setting aside the pre-emptive rights of the shareholders. By structuring the transaction as a private placement, the Company will be in a position to raise capital in an efficient manner in the prevailing volatile capital market, with a lower discount to the current trading price and with significantly lower completion risks compared to a rights issue. The Company will also consider to carry out a subsequent offering towards the existing shareholders as of 14 October 2020 who did not participate in the Private Placement.
Advokatfirmaet Thommessen AS is acting as legal advisor to the Company in connection with the Private Placement.
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Det er denne jeg referer til. Først safety-lead in, deretter go/no go decision basert på safety-data.
Men så står det jo “Preparations for future trial(s)” i meldingen, så da må Mesotheliom studien uansett dekkes på et vis basert på andre midler/ny emisjon.
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Uavhengig av nye studier må selskapet hente mer penger i Q2 / Q3 2021.
Nye studier krever nok mye mer enn dette, så her må enten selskapet hente vesentlig mer penger neste år i markedet, eller få en avtale som sikrer dem kapital på en annen måte.
Tyder dette på at de er usikre på om opsjonen ifbm Iovaxis / TG
ikke blir noe av i år? Var ikke det $30m eller noe i den duren?
Forsinkelser på data readout vil jeg tro, det du skriver kan også være en realitet.
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Kanskje de regner med å få litt kinacash, og at melanom dataene blir såpass bra at BP sponser den, og derfor kjører en såpass liten emisjon?
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3m usd
Var det riktig tidspunkt å hente penger?
Noen må ha visst at dette kom gitt fallet fra 9,4 til 8,6 kr, som kom til tross for god nyhet nylig og forventet melanom data om ikke lenge. Ikke bra om noen har fått inside info før markedet og har kunnet posisjonere seg/selge seg ut i forkant av meldingen.
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Selg alltid alle nyheter i biotek er en grei regel mange lever etter, så det er ingenting rart med kursnedgangen etter gode fundamentale nyheter når kursen har gått vesentlig opp i forkant.
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Det var vel ikke nyhetene vi ventet på. Får satse på et nytt forventningsrally nå da, etter emisjonen. Samt et godt sell on news etter melanom data 
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Ikke unaturlig at den falt noe tilbake etter siste tids stigning.
Agreed. But must say I am a little disappointed its set at a 17% discount to today’s close…
Tvilsomt at emi.kurs ble bestemt idag … går vi 2 uker tilbake i tid så snakker vi om ca 10% rabatt.
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Blir det reparasjonsemisjon ?
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BioMed: Ja, de skriver at rep-emi vil bli vurdert, for de som har aksjer per 14 okt og som ikke deltar i emisjonen.